The Myers Building in downtown Springfield will celebrate its 100th anniversary in September, and the historic property now has a new owner after three generations of ownership by the Myers family.
Marcus & Millichap, a commercial real estate firm, initially announced plans to auction the property in December, but it was later extended to allow more time for out-of-state investors to visit the building. The Myers Building sold March 13 for $500,000. According to the Sangamon County tax records, it is assessed at a fair market value of $3,222,933.
The building is now owned by Equitas Capital, a Florida-based commercial real estate investment company. Up until now, the company has primarily invested in assets in the southeast. The company’s website states that it is “committed to institutional investors, family offices and ultra-high net worth individuals.”
The building was sold by a family trust comprised of 15 members of the Myers family. Michael Myers, a retired Springfield attorney, previously told SBJ that most of the family members no longer lived in Springfield, which led to the decision to sell the property.
“The connection to Springfield gets more and more tenuous as the years go on,” he said. “This is not something that’s uncommon when you have a business that goes for three generations.”
Brothers Albert, Louis and Julius Myers built a five-story building at Fifth and Washington streets in 1905, replacing their original store on the north side of the square. The downtown Myers Brothers store closed in 1989 and it has been used as office space in recent years.
More than half of the 10-story, 100,000-square-foot building at 1 W. Old State Capitol Plaza is currently vacant, according to a listing on the commercial real estate site Loopnet, which advertises various office suites with up to 64,658 square feet available.
Another family member, Steve Myers, is a commercial real estate broker who has his office in the building and will continue to serve as the leasing agent and property manager.
“We’re excited to welcome tenants who share our vision for this historic space in ways that benefit both the business community and the city at large,” said Ken Gross, managing partner of Equitas Capital.
“For nearly a century, the Myers Building has stood as a testament to Springfield’s progress and resilience. We’re committed to restoring its historic charm while reimaging it as a vibrant hub for modern business, entrepreneurship and community engagement,” he said.
Gross said that planned renovations will focus on preserving key architectural elements while introducing upgrades to support a mix of office, retail and community focused spaces.
A centennial celebration is planned for Sept. 8. The event will include reflections on the building’s historic significance, acknowledgement of its role in Springfield’s community fabric and a preview of upcoming improvements, according to a statement released by Equitas Capital.
